Dragtext from Rich Walsh is a very useful 20$ Shareware
program. It enables drag and drop of text in different ways:

Dragtext enables Drag and drop of marked text between entryfields of any OS/2-program,
including the system editor. You can drag marked text to a folder and you'll
get a new text file with a filename like the first words of the text. This special
dragtext text file can be dropped into entryfields. You can drop marked text
to a dragtext text file and the new text will be added to the existing text data.

Then you can drag file objects into entryfields or the system editor and you'll get
the file name. A new object on your desktop shows the clipboard content and you
can drag this content to a folder to get a text file with the content of the
clipboard. In OS/2 and DOS text windows you can mark text directly and drag with
the mouse.

Each of these features can be turned off.

Dragtext is really great, I couldn't do without it. I like using it especially to
save E-Mails and to drop filenames on the entryfield of file dialogs.

Here you can go to the Homepage of Rich Walsh, the author
of Dragtext, or download DRGTXT20.ZIP or DRGTXT25.ZIP (240 k).